President Bola Ahmed Tinubu has signed four significant tax reform bills into law, aiming to transform Nigeria’s fiscal and revenue framework. The signing took place at the Presidential Villa in Abuja.
The bills include the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill, all recently passed by the National Assembly.
The signing ceremony was attended by key political figures, including Senate President Godswill Akpabio and the Speaker of the House of Representatives, Tajudeen Abbas, among others.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that when the new tax laws become operational, they are expected to significantly enhance tax administration in Nigeria, leading to increased revenue generation, an improved business environment, and a boost in both domestic and foreign investments.
These reforms are seen as a crucial step towards modernizing Nigeria’s tax system and fostering economic growth, addressing longstanding issues in tax collection and compliance.
